Industry's worst kept secret
In what is one of the industry’s worst kept secrets, Macquarie Bank is axing jobs.
The market knows, the media knows, and furthermore, it’s no surprise to anyone in the current environment.
But Macquarie Bank itself is the only one to avoid any discussion of the facts, declining to comment on the specifics regarding staff numbers and whether or not it has made job cuts to combat the global market downturn.
It is understood Macquarie has been making significant job cuts offshore in recent weeks, particularly in the US, as well as Asia.
Reports out of New Delhi said up to 30 jobs had been cut in that region, in addition to around 45 in South Korea. The New Delhi cuts are reported to be across investment banking, equities research and sales teams.
More recently it has become apparent that a number of Australian jobs have also been lost. Some media reports put the number of job losses in the Asian region at 10-15 per cent.
However, a Macquarie spokesperson would not put a figure on the number of people employed in Australia.
Despite market and media reports pointing to job cuts, Macquarie Bank is unlikely to comment on staff numbers until at least February next year.
The group makes statements about its employee numbers twice annually, in its annual report and in an interim statement.
In recent months, the bank has announced the sale of its Italian mortgage business as well as the winding back of its Australian mortgage business. At the time, Macquarie chief executive Nicholas Moore admitted there would be an impact on roles in those areas.
A Macquarie spokesperson would only state Macquarie businesses respond to market conditions on a business-by-business, region-by-region basis, and businesses look at staff levels constantly.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
